U.S. index futures were mostly softer early Tuesday, with traders monitoring Bitcoin’s sharp downturn and looking ahead to next week’s Federal Reserve meeting, where expectations for a rate cut continue to build. Bitcoin was little changed after its steep drop, as fading risk appetite weighed on the crypto space. Gold edged lower under pressure from rising Treasury yields, and crude prices fluctuated. Meanwhile, Marvell Technology (NASDAQ:MRVL) is set to report after the close, potentially offering new insight into the surging demand for artificial intelligence hardware.
Futures subdued
U.S. futures traded cautiously on Tuesday following a mixed first session of December, which featured a heavy selloff in Bitcoin, a jump in Treasury yields, and softer U.S. data.
By 03:17 ET:
- Dow futures fell 71 points (-0.2%)
- S&P 500 futures slipped 0.2%
- Nasdaq 100 futures declined 0.2%
Wall Street ended Monday lower after the Institute for Supply Management reported that U.S. manufacturing contracted for a ninth straight month in November, reinforcing concerns that broad tariff pressures are continuing to bite.
Expectations for a Federal Reserve rate cut later this month were largely unchanged. According to CME FedWatch, markets imply an 85% chance of a quarter-point cut at the Fed’s Dec. 9–10 meeting.
Treasury yields moved higher after Bank of Japan Governor Kazuo Ueda suggested that Japan’s economic backdrop may allow for higher borrowing costs. Japanese and European bond markets also weakened in response.
At the same time, a sharp downturn in Bitcoin contributed to weakness in crypto-linked stocks. Strategy — the largest corporate holder of digital assets — cut its 2025 earnings outlook following Bitcoin weakness, pressuring its shares.
Bitcoin flat after sharp selloff
Bitcoin hovered near unchanged levels on Tuesday after a steep decline the day before dragged the token below $84,000, as renewed risk aversion hit crypto markets at the start of December.
Despite a modest rebound from last week’s drop toward $80,000, traders remained cautious.
By 03:32 ET, Bitcoin traded 0.4% lower at $86,480.3. The cryptocurrency lost more than $18,000 in November — its largest monthly decline since 2021 — and now sits roughly 30% below its record peak set in October.
Gold retreats
Gold prices ticked lower as rising Treasury yields weighed on the metal ahead of a series of key U.S. indicators and the highly anticipated Fed policy decision.
- Spot gold: down 0.4% to $4,213.95 (03:40 ET)
- U.S. gold futures: down 0.7% to $4,245.25
The pullback came as 10-year Treasury yields hovered near a two-week high, dampening demand for non-yielding bullion even as markets continue to price in another Fed cut next week. Investors expect easing conditions amid softer inflation and early signs of cooling in the labor market.
Oil fluctuates
Oil prices wavered Tuesday, with geopolitical risks offsetting concerns about rising supply.
- Brent dipped 0.2% to $63.04
- WTI slipped 0.1% to $59.27 (03:45 ET)
Both benchmarks gained more than 1% on Monday, with WTI nearing a two-week high.
Hopes for progress on Ukraine remained fragile. President Volodymyr Zelenskiy repeated Monday that Kyiv’s priorities are to protect sovereignty and “ensure strong security guarantees,” while noting that territorial issues remain “the most complicated sticking point.”
U.S. envoy Steve Witkoff is expected to brief Russian officials on Tuesday, though a quick end to the nearly four-year war appears unlikely.
Separately, tensions between the U.S. and Venezuela have intensified after Washington indicated it may tighten restrictions on Caracas — potentially including an airspace ban — in a country believed to hold the world’s largest oil reserves.
Over the weekend, OPEC+ confirmed a modest output increase for December but opted to pause additional hikes in early 2026 amid rising worries about oversupply.
Marvell earnings on the radar
With a light earnings calendar, Marvell Technology (NASDAQ:MRVL) is expected to be the main focus.
The chipmaker competes closely with Broadcom (NASDAQ:AVGO) in custom and networking semiconductors. Media reports on Monday said Marvell is in advanced talks to acquire startup Celestial AI in a multibillion-dollar cash-and-stock deal.
According to The Information, the deal — potentially valued above $5 billion — could be announced as early as today. Acquiring Celestial AI would strengthen Marvell’s technology stack at a time when the artificial intelligence boom is driving unprecedented demand for compute infrastructure.
Marvell reports after the bell and is expected to post EPS of $0.74, based on Bloomberg consensus. Shares have fallen 18% this year after the company issued a softer-than-expected data-center outlook in August.